Anti-Money Laundering Acronyms

Confused by all the abbreviations and acronyms used in the world of financial crime prevention and AML compliance? We have created a shortlist of the most referred to acronyms in AML/CFT.

A

ACAMS – Association of Certified Anti-Money Laundering Specialists

ARS – Alternative Remittance System

AML – Anti-Money Laundering

AMLCTF – Anti-Money Laundering Countering Terrorist Financing

AMLD – Anti-Money Laundering Directive

APG – Asia Pacific Group on Money Laundering

APTs – Asset Protection Trusts

ARS – Alternative Remittance System

ATMs – Automatic Teller Machines

B

BIS – Basel Committee on Banking Supervision

BMPE – Black Market Peso Exchange

BO – Beneficial Ownership

BSA – Bank Secrecy Act

C

CDD – Customer Due Diligence

CFATF – Caribbean Financial Action Task Force

CRO – Chief Risk Officer

CRS – Common Reporting Standard

CSP – Corporate Service Provider

CTR – Currency Transaction Reporting

D

DOJ – Department of Justice (US)

DNFBP – Designated Non-Financial Businesses & Professions

E

EAG – Eurasian Group on Combating Money Laundering & Financing of Terrorism

EDD – Enhanced Due Diligence

EFT – Electronic Funds Transfer

EGFIU – Egmont Group of Financial Intelligence Units

ESAAMLG – Eastern & Southern African Anti-Money Laundering Group

EU – European Union

F

FATCA – Foreign Account Tax Compliance Act

FATF – Financial Action Task Force

FCA – Financial Conduct Authority (UK)

FinCEN – Financial Crimes Enforcement Network

FSRB – Financial Action Task Force Regional Body

FIU – Financial Intelligence Unit

G

GAFILAT/GAFISUD– Financial Action Task Force on Money Laundering in Latin America

GCC – Gulf Cooperation Council

GRC – Governance Risk & Compliance

H

HMT – her Majesty’s Treasury (UK)

HNWI – High Net Worth Individual

I

ID&V – Identification & Verification

IVTS – Informal Value Transfer System

IBC – International Business Company

IMF – International Monetary Fund

ISIL – Islamic State of Iraq & The Levant

ISIS – Islamic State of Iraq & al-Sham

J

JMLIT – Joint Money Laundering Intelligence Taskforce

JMLSG – Joint Money Laundering Steering Group (UK)

K

KY3P – Know Your Third Party

KYC – Know Your Customer

KYCC – Know Your Customers Customer

KYE – Know Your Employee

L

LoR – Letter of Credit

M

MOU – Memorandum of Understanding

MLRO – Money Laundering Reporting Officer

MSB – Money Service Business

MENAFATF – Middle East & North Africa Financial Action Task Force

MONEYVAL – Council of Europe Select Committee of Experts on the Evaluation of Anti Money Laundering Measures

MLAT – Mutual Legal Assistance Treaty

N

NGO – Non-Governmental Organisation

NPO – Non-Profit Organisation

O

OFC – Offshore Finance Centre

OECD – Organisation for Economic Cooperation and Development

OFAC – Office of Foreign Asset Control (US)

OFSI – Office of Financial Sanctions Implementation

P

PATRIOT – The Uniting and Strengthening America by Providing Appropriate Tools required to Intercept and Obstruct Terrorism Act 2001

PEP – Politically Exposed Person

PIC – Private Investment Company

PSP – Payment Services Provider

R

RBA – Risk Based Approach

RCA – Relative or Close Associate

S

SAR – Suspicious Activity report

SDN – Specially Designated National

SIP – Special Interest Person

STR – Suspicious Transaction Report

T

TBML – Trade Based Money Laundering

TCSP – Trust & Corporate Service Provider

TF – Terrorist Financing

TI – Transparency International

U

UBO – Ultimate Beneficial Owner

UN – United Nations